UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
washington, d.c. 20549
FORM |
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 11, 2020, the Board of Directors of Marine Products Corporation (the “Company”) appointed Susan Bell and Patrick J. Gunning as Directors effective January 1, 2021. Ms. Bell will stand for election by the stockholders in 2022 as a Class III Director, and Mr. Gunning will stand for election by the stockholders in 2023 as a Class I Director. Both Ms. Bell and Mr. Gunning have been appointed to the Audit Committee effective January 1, 2021 and will be compensated on the same basis as the other non-employee directors. There are no transactions between Ms. Bell or Mr. Gunning and the Company that would be reportable under Item 404(a) of Regulation S-K, and no arrangements or understandings with any persons pursuant to which she or he was selected as a director. Ms. Bell will fill a board vacancy arising from the recent retirement of Bill J. Dismuke. On December 11, 2020, Mr. James B. Williams announced to the board that effective December 31, 2020 he would be retiring. Mr. Gunning will fill the board vacancy arising from Mr. Williams’ retirement.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit 99.1 – Press Release dated December 15, 2020
Exhibit 99.2 – Press Release dated December 15, 2020
104 – Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Marine Products Corporation has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Marine Products Corporation | |
Date: December 16, 2020 | /s/ Ben M. Palmer |
Ben M. Palmer | |
Vice President and Chief Financial Officer |
Exhibit 99.1
Marine Products Corporation
Board of Directors Appoints New Director Susan Bell
ATLANTA, December 15, 2020 – Marine Products Corporation (NYSE: MPX) today announced the appointment of Susan Bell to the Board of Directors of the Company effective January 1, 2021.
Bell recently retired from Ernst and Young LLP (EY) after a 36-year career in public accounting, serving in key leadership roles. She served clients as an audit and advisory partner, led the EY Southeast Risk Advisory practice, served as the Atlanta Office Managing Partner and led EY’s Power & Utilities sector focus in the Global Financial Accounting Advisory Services (FAAS) practice. Bell led and advised client service teams supporting implementation of new accounting standards, internal controls implementation and testing, internal audit and enterprise risk management programs and initiatives, securities offerings, merger and acquisition transactions, and implementing enterprise transformational initiatives such as process automation and advanced analytics.
Richard A. Hubbell, President and Chief Executive Officer, stated “We are very pleased to welcome Susan to our Board. Her financial expertise and governance experience will be valuable to Marine Products Corporation.”
Ms. Bell fills a board vacancy arising from the recent retirement of Bill J. Dismuke. Mr. Dismuke joined the Board of Directors in 2005 and served with distinction on the Board and several committees, including the Audit Committee. Mr. Hubbell also expressed the Company’s appreciation for Mr. Dismuke’s service and gratitude for his contributions over the past 15 years.
Marine Products Corporation (NYSE: MPX) is a leading manufacturer of fiberglass boats under three brand names: Chaparral, Robalo and Vortex. Chaparral’s sterndrive models include SSi and SSX, along with the Chaparral Surf Series. Chaparral’s outboard offerings include various models, such as OSX Luxury Sportboats, the 257 SSX, and SunCoast Sportdecks. Robalo builds an array of outboard sport fishing boats, which include center consoles, dual consoles and Cayman Bay Boat models. Chaparral also offers jet powered boats under the Vortex brand name. The Company continues to diversify its product lines through product innovation. With premium brands, a solid capital structure, and a strong independent dealer network, Marine Products Corporation is prepared to capitalize on opportunities to increase its market share and to generate superior financial performance to build long-term shareholder value. For more information on Marine Products Corporation visit our website at MarineProductsCorp.com.
For information contact:
BEN M. PALMER
Chief Financial Officer
(404) 321-7910
irdept@marineproductscorp.com
JIM LANDERS
Vice President Corporate Services
(404) 321-2162
jlanders@marineproductscorp.com
Exhibit 99.2
Marine Products Corporation
Board of Directors Appoints New Director Patrick J. Gunning
ATLANTA, December 15, 2020 – Marine Products Corporation (NYSE: MPX) today announced the appointment of Patrick J. Gunning to the Board of Directors of the Company effective January 1, 2021.
Gunning is the Chief Financial Officer of the Robert W. Woodruff Arts Center, Inc. in Atlanta, Georgia. Previously he held multiple leadership roles during his 40 years in public accounting prior to retirement from Ernst & Young LLP (EY) in 2020. These positions included Partner at EY, Southeast Region Leader of the Financial Accounting Advisory Services (FAAS) at EY, Assurance leader and Audit Partner for EY, Partner and Assurance Division Leader with Arthur Andersen LLP, and numerous additional regional leadership roles. He will bring extensive financial reporting, accounting, management, and leadership experience to Marine Products Corporations’ Board of Directors.
Richard A. Hubbell, President and Chief Executive Officer, stated “We are pleased to welcome Pat to our Board. He is an accomplished leader that will bring strategic insights to Marine Products Corporation.”
Mr. Gunning will fill an upcoming board opening by the retirement of James B. Williams on December 31, 2020. Mr. Williams joined the Board of Directors in 2001 and served with distinction on the Board and several committees, including the Audit Committee. Mr. Hubbell also expressed the Company’s appreciation for Mr. Williams’ service and gratitude for his contributions over the past 19 years.
Marine Products Corporation (NYSE: MPX) is a leading manufacturer of fiberglass boats under three brand names: Chaparral, Robalo and Vortex. Chaparral’s sterndrive models include SSi and SSX, along with the Chaparral Surf Series. Chaparral’s outboard offerings include various models, such as OSX Luxury Sportboats, the 257 SSX, and SunCoast Sportdecks. Robalo builds an array of outboard sport fishing boats, which include center consoles, dual consoles and Cayman Bay Boat models. Chaparral also offers jet powered boats under the Vortex brand name. The Company continues to diversify its product lines through product innovation. With premium brands, a solid capital structure, and a strong independent dealer network, Marine Products Corporation is prepared to capitalize on opportunities to increase its market share and to generate superior financial performance to build long-term shareholder value. For more information on Marine Products Corporation visit our website at MarineProductsCorp.com.
For information contact:
BEN M. PALMER
Chief Financial Officer
(404) 321-7910
irdept@marineproductscorp.com
JIM LANDERS
Vice President Corporate Services
(404) 321-2162
jlanders@marineproductscorp.com
Cover |
Dec. 11, 2020 |
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Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Dec. 11, 2020 |
Entity File Number | 1-16263 |
Entity Registrant Name | MARINE PRODUCTS CORPORATION |
Entity Central Index Key | 0001129155 |
Entity Tax Identification Number | 58-2572419 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 2801 Buford Highway NE |
Entity Address, Address Line Two | Suite 300 |
Entity Address, City or Town | Atlanta |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30329 |
City Area Code | 404 |
Local Phone Number | 321-7910 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.10 par value |
Trading Symbol | MPX |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |